AAA-CPAAre you registered or interested in attending the AAA-CPA 2016 Fall Meeting & Education Conference in Houston? Join this listserv and converse with other going to the meeting. It will be a great time to engage in conversation about Houston, the stellar education and make plans to connect while in Texas. We want you to maximize your time at the conference, and what better way than connecting with attendees before you go? Updates about the conference will be posted on the listserv as they are available. Please contact Melissa Benowitz at meetings@attorney-cpa.com to join the discussion today!

Accounting TodayThe Internal Revenue Service has released new procedures that help a taxpayer make the decision on whether to opt for a qualified terminable interest property election to reduce estate taxes.
The new procedures mean the IRS may disregard and treat as null and void for transfer tax purposes a qualified terminable interest property election in those situations where the QTIP election was not necessary to reduce the estate tax liability to zero.READ MORE

ReutersThe U.S. Senate's senior Democratic tax law writer says he will rip up a root of corporate tax avoidance if his party wins Senate control in November, targeting trillions of dollars in tax-deferred profits being held abroad by U.S. companies.
In an interview with Reuters, Oregon Sen. Ron Wyden said he wants to put an end to a Kennedy-era law that lets U.S. corporations indefinitely hold profits from active business operations offshore without paying U.S. tax on them.READ MORE

The Washington Free Beacon State government tax revenues rose to $916.5 billion in 2015, representing an increase for the fifth consecutive year, according to recent data from the U.S. Census Bureau.
State government tax revenues totaled $875 billion in 2014, which means that in 2015 tax revenue increased by $41.5 billion, or 4.8 percent.READ MORE

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Tax-News The Treasury Inspector General for Tax Administration (TIGTA) has reported on the Internal Revenue Service's collection and compliance activities in the 2015 fiscal year.
TIGTA pointed out that, despite a decrease in its budget and in the number of its employees, total tax revenues received and collected by the IRS continued to climb in fiscal year 2015 to 3.3 trillion, an increase of 8 percent from fiscal year 2014.READ MORE

AccountingWEBA proposal issued by the Financial Accounting Standards Board (FASB) Sept. 29 is geared toward improving insurance accounting for long-duration contracts, such as life insurance, disability income, long-term care and annuities. The amendments in the proposed Accounting Standards Update, Financial Services—Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts, would provide financial statement users with more useful information about the amount, timing and uncertainty of cash flows related to those contracts, according to the FASB.READ MORE

Bloomberg BNAWe are entering into a period of unprecedented change and increasing complexity in international tax law. Multinationals will need to monitor the tax position in each country and each bilateral tax treaty with extreme care.
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